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Riddhi Siddhi Gluco Biols
BSE: 524480|ISIN: INE249D01019|SECTOR: Miscellaneous
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« Mar 12
Notes to Accounts Year End : Mar '13
1.  CORPORATE INFORMATION
 
 Riddhi Siddhi Gluco BioLs Limited (the Company) has made investment
 in Wind Farms and is currently engaged in generating and selling power.
 During the year, the Company has altered its object clause in the
 Memorandum of Association and it has started business of trading in
 agriculture and metal commodity items.
 
 During the previous year, as per the Composite Scheme of Arrangement,
 the Company had transferred its Corn Wet Milling business to Riddhi
 Siddhi Corn Processing Private Limited (Refer Note 36).
 
 2. Contingent liabilities and commitments (to the extent not provided
 for): 
 
                                                            (Rs. in Lacs)
 
 Particulars                               As at             As at
 
                                        March 31 2013    March 31 2012 
 
 i (i) Claims against the Company 
       not acknowledged as debt 
 
    a. Excise Duty                           2,486.48         2,412.08
 
    b. Sales Tax                                 1.00             1.00
 
    c. Service Tax                              27.60             8.03
 
    d. Income Tax                              921.13           921.13
 
    e. Other Maters                                 -            35.00
 
       Total                                 3,436.21         3,377.24
 
 Commitments: 
 
 Estimated amount of sales contracts 
 to be executed against                     13,250.82                -
 
 the stock in trade lying as an inventory 
 
 
 a.  Towards Levy of excise duty, including penalty but other than
 interest thereof on account of dispute in classification of finished
 goods, against which Company has appealed before Appellate Authorities
 and Commissioner (Appeals).
 
 b.  Towards penalty charges on account of dispute for sales tax demand
 against the pending form 19 to be submitted to tax authorities.
 
 c.  Towards Service Tax demand on refund claimed on services availed on
 export of goods i.e. CHA Services, Port Services and Goods Transport
 Services.
 
 d.  The Company has received the High Court order on 1st May, 2012 and
 hence had not paid advance income tax pursuant to the gain on demerger
 and sale of Corn Wet Milling undertaking. The Company has filed the
 Interest waiver application as required under CBDT Circular
 400/29/2002-IT(B) for waiver of interest under section 234 A, B and C
 of the Income-tax Act, 1961. Hence, the amount Rs.921.13lacs (Previous
 Year: Rs. 921.13 lacs) pertains to the possible claim of interest in case
 the waiver application is not accepted.
 
 e.  Others include possible claim relating to dispute with workers of Rs.
 NIL (Previous Year: Rs. 3 lacs) and a claim in case lodged against
 Company for an accident in Maize Starch Powder(MSP) plant of Gokak Unit
 amounting to Rs. NIL (Previous Year:Rs. 32 lacs)
 
 It is not practicable to estimate the timing of cash outflows, if any
 in respect of matters (a) to (e) above, pending resolution of the
 proceedings with the respective appellate authorities.  28. Employee
 Benefits
 
 a.  Defined Benefit Plan
 
 The Company has a defined benefit gratuity plan. The unfunded plan
 provides for a lump sum payment to employees, at retirement, death
 while in employment or on termination of employment, of an amount
 equivalent to 15 days salary for each completed year of service or part
 thereof in excess of six months. Vesting occurs upon completion of five
 years of continuous service.
 
 During the financial year ended 31st March, 2012, pursuant to the
 Scheme referred in Note 33 all the employees of the Company have been
 transferred to RSCPPL with effect from 1st October, 2011 and hence the
 related employee benefit balances have also been transferred.
 
 The following table summarizes the components of net benefit expense
 recognised in the Statement of Profit and Loss and funded status and
 amount recognised in the balance sheet for the plan.
 
 3. Segment Reporting
 
 a.  The Company has disclosed business segment as the primary segment.
 Segments have been identified taking in to account the nature of the
 products, the differing risks and return, the organization structure
 and internal reporting system.
 
 b.  After the Demerger of Corn Wet milling business and its transfer to
 the Resulting Company in the previous year, the Company''s Operations
 pre-dominantly relates to Wind Energy Generation and trading of
 agriculture and metal commodity items. Accordingly, the Company has
 identified Wind Energy Generation and Trading business as the
 operating segments, consisting of sale of wind power and trading of
 commodity items respectively. Others consist of investment activities
 which comprises of less than 10% revenues. The Company has transferred
 the starch business to Riddhi Siddhi Corn Processing Private Limited
 (RSCPPL) with effect from 1st October, 2011 and accordingly the starch
 business has been reported as discontinued operations.
 
 c.  Secondary segment reporting is based on the geographical location
 of customers. Since, company has its operation activities limited to
 India only; no separate disclosure pertaining to secondary segment
 based on geographical location has been given.
 
 4. On 22nd and 23rdSeptember, 2011, the Company was subjected to
 Search, Survey and Seizure operation by the Income Tax Department under
 section 132 and 133 of the Income Tax Act, 1961 (the Act'').
 Subsequent to the above, during the year ended on 31st March, 2012, the
 Company had made disclosure of an unaccounted income of Rs.1,609.75 Lacs
 under section 132(4) of the Act and the same had been shown as
 exceptional item under Discontinuing Operations in the Statement of
 Profit and Loss and the unaccounted income of Rs.1,609.75 lacs had been
 accounted as utilized towards land development at Gokak factory
 premises during the year ended on 31st March, 2012. The return of
 Income for the Assessment Year 2012-13 has been filed accordingly and
 the Company has provided for the resultant tax liability. The
 assessment is pending and the management does not anticipate any
 further tax liability.
 
 5.  Based on the information available with the Company, there are no
 suppliers registered as micro & small enterprises under Micro, Small,
 Medium Enterprises Development Act, 2006. Accordingly, no interest is
 due or payable or paid or accrued and remaining unpaid to such
 supplier.
 
 6.  The Company had taken certain assets like office, residential,
 warehouses etc. on operating lease. These leasing agreements are
 cancellable and usually renewable on the mutually agreed terms. The
 aggregate lease rentals charged to the Statement of Profit and Loss are
 Rs. NIL lacs (Previous Year: Rs. 208.05 lacs under Discontinuing
 Operations).
 
 7.  The Company has entered into the leasing arrangement in respect of
 the godown with Riddhi Siddhi Corn Processing Private Limited for a
 period of 24 months, with an option to vacate by giving notice period
 of three months. The future lease rental income for the these lease
 arrangement is as under:
 
 8. As per Honorable High Court of Gujarat''s order approving the Scheme
 of Arrangement (the Scheme) in the nature of demerger, from the
 Appointed Date of 1st October, 2011 with Effective Date of 29th May,
 2012, the Corn Wet Milling undertaking was transferred to Riddhi Siddhi
 Corn Processing Private Limited (RSCPPL). The Scheme and related
 transactions for demerger and reduction in share capital was given
 effect to in the audited financial statements for the year ended 31st
 March, 2012.
 
 As part of the Scheme, all assets and liabilities of the Corn Wet
 Milling undertaking including employees and their related liabilities
 were transferred to the RSCPPL, however contingent liabilities related
 to the period prior to Appointment Date i.e. 1st October 2011, arising
 out of regulatory, tax, labour, operational or environmental matters
 etc. remained with the Company.
 
 As per the High Court Order, resultant excess of Rs.63,807.06 lacs being
 the amount of net sale consideration and net value of assets and
 liabilities transferred had been added to the capital reserve under
 reserves and surplus and accordingly Corn Wet Milling undertaking was
 disclosed as discontinued operations in the prior year financial
 statements. In view of specific option granted by the Honorable High
 Court of Gujarat''s order, during the current financial year, the
 Company has transferred the said amount to the General Reserve.
 
 9.  The Statement of Profit and Loss for the year ended 31st March,
 2013 contains the income from commodities trading transactions and Wind
 Mill operations, while the corresponding year ended 31st March, 2012
 contains only income from Wind Mill operations. Hence, to that extent
 current year results are not comparable with the previous year results.
 
 10.  Previous year figures have been re-grouped/re-classified wherever
 necessary to correspond with the current year classification/
 disclosure.
Source : Dion Global Solutions Limited
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